diff --git a/Makefile b/Makefile
index 07ebf4a..ad0ec30 100644
--- a/Makefile
+++ b/Makefile
@@ -1,4 +1,4 @@
-VERSION ?= v0.4.0
+VERSION ?= v0.5.0
 GO_VERSION := $(shell go list -m -f '{{.GoVersion}}')
 GO_CONTAINER_IMAGE ?= docker.io/golang:$(GO_VERSION)
 
diff --git a/charts/oxide-cloud-controller-manager/Chart.yaml b/charts/oxide-cloud-controller-manager/Chart.yaml
index 04c96e5..4b28683 100644
--- a/charts/oxide-cloud-controller-manager/Chart.yaml
+++ b/charts/oxide-cloud-controller-manager/Chart.yaml
@@ -3,8 +3,8 @@ apiVersion: v2
 name: oxide-cloud-controller-manager
 description: "Oxide Kubernetes Cloud Controller Manager."
 type: application
-version: "0.4.0"
-appVersion: "0.4.0"
+version: "0.5.0"
+appVersion: "0.5.0"
 keywords:
   - oxide
   - cloud-controller-manager
diff --git a/manifests/oxide-cloud-controller-manager.yaml b/manifests/oxide-cloud-controller-manager.yaml
index 387ead0..7ea3f67 100644
--- a/manifests/oxide-cloud-controller-manager.yaml
+++ b/manifests/oxide-cloud-controller-manager.yaml
@@ -6,10 +6,10 @@ metadata:
   name: oxide-cloud-controller-manager
   namespace: kube-system
   labels:
-    helm.sh/chart: oxide-cloud-controller-manager-0.4.0
+    helm.sh/chart: oxide-cloud-controller-manager-0.5.0
     app.kubernetes.io/name: oxide-cloud-controller-manager
     app.kubernetes.io/instance: oxide-cloud-controller-manager
-    app.kubernetes.io/version: "0.4.0"
+    app.kubernetes.io/version: "0.5.0"
     app.kubernetes.io/managed-by: Helm
 ---
 # Source: oxide-cloud-controller-manager/templates/clusterrole.yaml
@@ -18,10 +18,10 @@ kind: ClusterRole
 metadata:
   name: system:oxide-cloud-controller-manager
   labels:
-    helm.sh/chart: oxide-cloud-controller-manager-0.4.0
+    helm.sh/chart: oxide-cloud-controller-manager-0.5.0
     app.kubernetes.io/name: oxide-cloud-controller-manager
     app.kubernetes.io/instance: oxide-cloud-controller-manager
-    app.kubernetes.io/version: "0.4.0"
+    app.kubernetes.io/version: "0.5.0"
     app.kubernetes.io/managed-by: Helm
   annotations:
     rbac.authorization.kubernetes.io/autoupdate: "true"
@@ -115,10 +115,10 @@ kind: ClusterRoleBinding
 metadata:
   name: system:oxide-cloud-controller-manager
   labels:
-    helm.sh/chart: oxide-cloud-controller-manager-0.4.0
+    helm.sh/chart: oxide-cloud-controller-manager-0.5.0
     app.kubernetes.io/name: oxide-cloud-controller-manager
     app.kubernetes.io/instance: oxide-cloud-controller-manager
-    app.kubernetes.io/version: "0.4.0"
+    app.kubernetes.io/version: "0.5.0"
     app.kubernetes.io/managed-by: Helm
 roleRef:
   apiGroup: rbac.authorization.k8s.io
@@ -136,10 +136,10 @@ metadata:
   name: oxide-cloud-controller-manager
   namespace: kube-system
   labels:
-    helm.sh/chart: oxide-cloud-controller-manager-0.4.0
+    helm.sh/chart: oxide-cloud-controller-manager-0.5.0
     app.kubernetes.io/name: oxide-cloud-controller-manager
     app.kubernetes.io/instance: oxide-cloud-controller-manager
-    app.kubernetes.io/version: "0.4.0"
+    app.kubernetes.io/version: "0.5.0"
     app.kubernetes.io/managed-by: Helm
 spec:
   replicas: 1
@@ -167,7 +167,7 @@ spec:
           effect: NoSchedule
       containers:
       - name: oxide-cloud-controller-manager
-        image: "ghcr.io/oxidecomputer/oxide-cloud-controller-manager:0.4.0"
+        image: "ghcr.io/oxidecomputer/oxide-cloud-controller-manager:0.5.0"
         imagePullPolicy: IfNotPresent
         command:
           - "/usr/bin/oxide-cloud-controller-manager"